Tags: fixing the economists

Minsky’s Theory of Asset Prices: Why Minsky Was NOT a Neo-Monetarist

January 17th, 2017
in aa syndication

On a recent blogpost that I wrote there was some confusion in the comments section regarding Hyman Minsky’s theories and their relationship to the phenomenon of rising asset prices. I have seen this confusion made many times before — even by some otherwise good Post-Keynesian economists — but I think that it is time to finally clear it up once and for all. more »

Basic Macroeconomics of Income Distribution Cannot Explain Today’s Rising Inequality

January 13th, 2017
in macroeconomics

I was recently looking over the debates surrounding the Pasinetti theorem and I thought it might be worth writing a few words on it. Pasinetti formulated his theorem — which is dealt with in detail in a fantastically thorough Wikipedia article — in 1962 in response to Nicholas Kaldor’s seminal paper Alternative Theories of Distribution. more »

Keynes’ Liquidity Preference Trumps Debt Deflation in 1931 and 2008

January 6th, 2017
in history, macroeconomics

I have pointed out before that the meaning of the term ‘liquidity trap’ has today become completely altered — with said alteration mainly coming from Paul Krugman’s bizarre redefinition which seems tied up with his idea about a natural rate of interest and the central bank being unable to hit this natural rate due to their coming up against the zero-lower bound. more »

John Hicks’ Book on Non-Ergodicity: A Forgotten Post-Keynesian Classic

December 30th, 2016
in history, macroeconomics

Lars Syll recently provided an interesting quote from John Hicks’ 1979 book Causality in Economics. I thought that what Hicks said made an awful lot of sense, so I got my hands on a copy of the book. I have only so far scanned the book but I think that it is something of a masterpiece and I hope that someone suggests more »

Bidding War: The Quantity Theory of Money and the Price Level

I was going to run a blog on Hans Albert’s critique of the quantity theory of money but it appears that Lord Keynes has gotten there ahead of me. I just wanted to pull out one point that he raised as it proved to be one of the most difficult I encountered when trying to formulate a general theory of pricing. more »




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